![]() ![]() One way to circumvent this, should your 401(k) plan allow it, is to roll over your plan into a new one for your business, especially if you need $50,000 or more to get it started.Ī rollover for business startups, or “ROBS,” is possible if your business and 401(k) meet specific criteria. Digging into your retirement should be a last resort since you won’t be able to contribute anything to your plan if you have an outstanding loan. Now, before you go about leveraging your 401(k) for funding to bootstrap your business, make sure you’ve created a fundable business and that you’ve exhausted all other funding options, both traditional and alternative. How to leverage your 401(k) to bootstrap a business Now, I want to help others understand how they, too, can learn the hidden secrets of bootstrapping to grow their business. No, it wasn’t easy, but it was absolutely worthwhile. I started my business at my kitchen table and scaled it without investor funding, leveraging my 401(k) while working for the VA. Like most other entrepreneurs who don’t have access to funding, but know that the service they can provide others is vital, I decided to bootstrap Seven Principles from the ground up. ![]() This realization planted the seed for what would eventually bloom into my own business, Seven Principles, although I soon realized that building this business would require funding my day job couldn’t offer. Soon, I realized that my experience working with the VA could offer other veterans critical guidance and expertise to help them not only get their VA claims approved, but improve the benefits they would receive from those claims. Delays in the system impacted my income and my ability to provide for my family, causing me high feelings of anxiety, guilt and hopelessness-feelings many of my fellow veterans experience when integrating into civilian life. Army and became a federal decision officer for the Department of Veteran Affairs. I learned this myself when I transitioned out of the U.S. If you’ve never bootstrapped a business, you’re going to need to be prepared for the unexpected. ![]()
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